703-273-7381

3925 Chain Bridge Road

Suite 302

Fairfax, VA 22030

CERTIFIED PUBLIC ACCOUNTANTS

Tax Rates

2011 Tax Rates – Single Taxpayers – Standard Deduction $5,800
10% 0 to $8500
15% $8500 to $34,500
25% $34,500 to $83,600
28% $83,600 to $174,400
33% $174,400 to $379,150
35% Over $379,150


2011 Tax Rates – Married Filing Separately – Standard Deduction $5,800
10% 0 to $8500
15% $8500 to $34,500
25% $34,500 to $69,675
28% $69,675 to $106,150
33% $106,150 to $189,575
35% Over $189,575


2011 Tax Rates – Head of Household – Standard Deduction $8,500
10% 0 to $12,150
15% $12,150 to $46,250
25% $46,250 to $119,400
28% $119,400 to $193,350
33% $193,350 to $379,150
35% Over $379,150


2011 Tax Rates – Estates & Trusts
15% 0 to $2,300
25% $2,300 to $5,450
28% $5,450 to $8,300
33% $8,300 to $11,350
35% Over $11,350


Social Security 2011 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 4.2%
Social Security Tax Rate: Self-Employed 10.4%
Maximum Taxable Earnings $106,800
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%


Miscellaneous 2011 Tax Rates
Personal Exemption $3,700
Business expensing deduction: New Equipment $2,000,000
Business expensing deduction: Used Equipment and Software $500,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2010 tax liability
Standard mileage rate for business driving 1/1/2011 to 6/30/2011 51 cents
Standard mileage rate for business driving 7/1/2011 to 12/31/2011 55.5 cents
Standard mileage rate for medical/moving driving 1/1/2011 to 6/30/2011 19 cents
Standard mileage rate for medical/moving driving 7/1/2011 to 12/31/2011 23.5 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum for children under 19 before kiddie tax applies $950
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket 0%
Maximum capital gains tax rate for taxpayers above the 15% bracket 15%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28%
Maximum contribution for Traditional/Roth IRA $5,000 if under age 50
$6,000 if 50 or older
Maximum employee contribution to SIMPLE IRA $11,500 if under age 50
$14,000 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation up to $49,000
401(k) maximum employee contribution limit $16,500 if under age 50
$22,000 if 50 or older
Self-employed health insurance deduction 100%
Estate tax exemption $5,000,000
Annual Exclusion for Gifts $13,000


Education 2011 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000